Connect with us

Tech

Alitheia IDF raises $10M from Open Society to fuel women empowerment

Published

on

Loading...

Alitheia IDF has raised $10 million from Open Society to amplify women’s voices in economic empowerment.

Alitheia IDF, says the Open Society Economic Justice Program, invested via its impact investing arm, the Soros Economic Development Fund (SEDF). Alitheia IDF will invest between $1 million and $5 million, with the potential for additional funding at a later stage, into SMEs that promote gender equality.

These sectors include agribusinesses, consumer goods, and essential services.

According to Sarah Hewitt, a program officer with the Open Society Economic Justice Program, “SEDF is also ramping up investment work to directly respond to COVID-19 and has also helped seed an impact investment coordination platform hosted by the Global Impact Investment Network.”

Apart from Alithea IDF, SEDF will also invest $5 million in Women’s World Banking Capital Partners II. The fund invests between $5 million and $10 million in fintechs in emerging markets, where one billion women still lack access to formal financial products and services.

Women’s World Banking Capital Partners II aims to advance women’s financial inclusion as well as increase gender participation at investee companies.

Alitheia IDF Fund and Women’s World Banking Capital Partners II were selected not only because they invest in businesses but are also women-led themselves.

Alitheia IDF Fund is a private equity fund managed by a joint venture between two established managers, Alitheia Capital of Nigeria, and IDF Capital of South Africa. Headquartered in New York, the Women’s World Banking global team supports the development of female-focused financial services.

These social impact investments bring to $33 million in total that SEDF has made since March, across a range of sectors, including gender, climate adaptation, and human rights.

Loading...

In 2015, AfDB invested $12.5 million equity investment in Alitheia IDF on its journey to raise $100 million in two closings to make equity investments in high-growth established SMEs with emphasis on women led and / or women managed SMEs’ in 10 African countries (Malawi, Lesotho, Swaziland, Botswana, Namibia, South Africa, Zambia, Zimbabwe Ghana and Nigeria). AfDB’s equity investment was part of the first closing.

By investing in the Fund, the AfDB said it was in line with its existing initiatives to support African women and the development of private sector and financial markets on the continent.

Late last year, FinDev Canada invested $7.5 million to Alitheia IDF, a fund supporting women-owned and led businesses, to boost women’s economic empowerment and access to finance in Sub-Saharan Africa.

Recently, the firm announced it had raised $75 million in line with its objectives to empower women SME entrepreneurs in the markets it works in across the continent.


Readers
45

Comments

comments

Loading...
Continue Reading

Tech

SA’s BusyMed raises funding from LionPride Investments

Published

on

Loading...

BusyMed, a South African healthtech start-up has raised funding from LionPride Investment Holdings, via its LionPride Agility Fund.

BusyMed’s platform connects consumers to pharmacies giving them access to online consultations, product and medication purchases with fast home delivery. BusyMed was founded on the belief that quality healthcare should be and can be accessible to everyone.

According to Mphati Jezile, BusyMed founder: “We’re excited about the opportunity this investment provides us. BusyMed aims at improving pharmacies’ engagement with their communities through technology and by doing so brings access to quality healthcare into everyone’s home.”

The investment from LionPride will be used for further platform development and the build out of the customer and revenue base.

The platform allows for pharmacies to provide real-time stock information, access performance data on best-selling items, manage inventory more effectively and leverage off existing pharmacy and 3rd party delivery solutions.

Furthermore, it facilitates and closes a gap where the end consumer may need to secure doctors consultations and provides an online prescription management service.

Neighbourhood pharmacies are an essential part of the healthcare system and in many cases serve as a primary point of contact for many community healthcare needs.

Customers are looking for convenience and less physical interaction now more than ever, and with growing competition in the retail pharmacy industry, BusyMed enables these businesses to better compete and at the same time better serve their communities.

Deven Govender, LionPride CEO, said: “The Agility Fund is an impact investment fund that invests in ventures that have a social benefit whilst providing a potentially high yielding investment for our investors. It’s great that we can support a young and talented entrepreneur like Mphati in a venture that utilises technology to enable access to healthcare for communtiies across the country. Not only do we see human potential in Mphati and the impact of Busymed in South Africa’s communities, but as a fund manager the investment has to make sense as well, and we believe it does.”

Loading...

HAVAÍC, an investment and advisory firm that specialises in early-stage, high-growth technology businesses, has assisted BusyMed to raise funds from local VC investor LionPride.

Following HAVAÍC’s first meeting with founder Mphati Jezile, HAVAÍC immediately saw potential in both the founder, who showed his commitment by driving through the night from the Eastern Cape to this meeting in Cape Town, and his start-up, BusyMed.

At the time, BusyMed was pre-revenue and faced a long road to true commercialisation. However, HAVAÍC, seeing the potential to support Busymed, offered to provide Mphati with advisory assistance to help him source the funding he needed to build the business.

Ian Lessem, HAVAÍC’s Managing Partner, said: “We are incredibly excited to have assisted Mphati and BusyMed with concluding the investment and partnership with LionPride. In Mphati you have an entrepreneur who is committed to making a difference in the healthcare sector by adopting technology platforms, and we cannot wait to see BusyMed develop and grow, and are thankful to have been a small part of their exciting journey.”


Readers
103

Comments

comments

Loading...
Continue Reading

Tech

Facebook & Red Cross Launch #AfricaTogether against Covid-19

Published

on

Loading...

Facebook and the International Red Cross and Red Crescent Movement are partnering to launch #AfricaTogether – a digital campaign and two-day festival on June 4th and 5th featuring artists from across Africa to encourage continued vigilance against Covid-19.

With more than 100,000 Covid-19 cases confirmed on the continent and containment measures easing in many countries, #AfricaTogether combines musical and comedy performances with information from Covid-19 first responders and fact-checkers from across Africa.

#AfricaTogether will include a festival with performances by artists such as Aramide, Ayo, Femi Kuti, Ferre Gola, Salatiel, Serge Beynaud, Patoranking, Youssou N’Dour amongst many others, as well as a digital awareness campaign with prevention messages developed with Red Cross and Red Crescent health experts and targeting simultaneously Facebook users in 48 countries across sub-Saharan Africa.

The event will be streamed on Facebook Live on the 4th June in English and hosted by the Nigerian popular actor and comedian Basketmouth and in French on the 5th June by the renowned media personality Claudy Siar. To watch the live shows, viewers can tune in to the Facebook Africa page and Red Cross and Red Crescent Facebook pages. To register and learn more about the artist lineup and how to tune in, please visit the Facebook event pages in English and in French.

Commenting, Mamadou Sow, a long-serving member of the International Red Cross and Red Crescent Movement said, “The Covid-19 pandemic is an unprecedented crisis in that it can affect us all, and ignores borders, ethnicities, and religions. African communities so far have responded quickly, but the risk remains very real. If we all do our part, we will beat Covid-19. Music is a powerful uniting force and we hope that the #AfricaTogether festival will bring renewed hope and action against this dangerous disease.”

Loading...

Adding her voice to the initiative, Jocelyne Muhutu-Rémy, Facebook’s Strategic Media Partnerships Manager for Sub-Saharan Africa said: “The spike in the use of online tools during the Covid-19 pandemic shows the social usefulness of digital platforms in difficult times. We are seeing many incredible initiatives from artists bringing their communities together on Facebook Live. The #AfricaTogether campaign will enable people to learn more about fighting Covid-19, while enjoying entertainment from their favourite African performers. We will be spreading joy in a way that doesn’t spread the disease.”

This event is one of the many ways that Facebook and the International Red Cross and Red Crescent Movement are both contributing in the fight against Covid-19 across the continent.

Facebook continues to work with governments across Sub-Saharan Africa, including partnering with organizations like health agencies and NGOs who are actively using its platforms to share accurate information about the situation and launching Covid-19 Information Centers in more than 40 countries, which provides real-time updates from health authorities and helpful articles, videos and posts about social distancing and preventing the spread of the virus.

With a network of more than 1.5 million volunteers and staff across the continent, the International Red Cross and Red Crescent Movement is on the frontlines of combating Covid-19 in communities through information campaigns, providing soap and access to clean water, and supporting health care facilities and workers with training, equipment, and supplies. In parts of Africa, Covid-19 is another layer of crisis on top of conflict, violence, or climate disasters.


Readers
53

Comments

comments

Loading...
Continue Reading

Tech

Droppa expands its express delivery service to more towns

Published

on

Loading...

Droppa, an online delivery platform has expanded its recently launched Droppa Express beyond a 25 kilometre radius.

Droppa Express is now able to courier lightweight goods under 25 kilograms nationally from Pretoria, Johannesburg, Cape Town and Durban.

Through Droppa Express, customers can have their lightweight goods delivered within 25 kilometres in just 24 hours, while long-distance deliveries are made within 72 hours.

Droppa CEO, Khathu Mufamadi, says: “We have identified a growing need for express courier services at a time where there is the rapid imposition of social distancing and the restriction of movement amid the COVID 19 pandemic. This means that express delivery services have a critical role to play. We aim to ensure that South Africans can access this service at affordable rates.”

Delivery bookings can be made via the company website: droppa.co.za or the Droppa app, which is available as a free download on Android and IOS platforms.

Droppa Express was launched to cater for the delivery of goods such as food, parcels, books, stationery, and other smaller items under 25 kg via its droppa.co.za or app in Pretoria, Johannesburg, Cape Town and Durban.

Droppa moves into essential services

Earlier Droppa shifted its model in response to the new Covid-19 lockdown imposed by the government. The company’s original operating model allows patrons and businesses to request a truck/ bakkie for all furniture removals and logistics, also operates in Cape Town, Johannesburg, Pretoria and Durban.

Loading...

The on-demand e-hailing platform also offers its services to businesses rendering essential services such as retail stores, warehouses, fresh produce farms, medical suppliers and will be made available to members of the public who require essential goods delivered to them.

Just like Uber, the firm does not own trucks but instead has driver-partners that have registered their vehicles, thus empowering and providing employment opportunities for many South Africans. ‘’The Covid 19 pandemic poses an unprecedented threat to businesses worldwide. Companies must react in different ways to ensure business continuity, improve the resilience of their supply chain, or pivot to innovate ways to generate revenue” concludes Mufamadi.

In December, the firm announced it had raised funds from IDF Capital through the IMIN Accelerator to expand to Port Elizabeth and Durban, and other cities in South Africa.

The firm said it would also use the funds to expand its team, technology and build a robust retail management system for its retail customers.


Readers
87

Comments

comments

Loading...
Continue Reading
Advertisement
Loading...
Advertisement
Loading...

Trending